JM Financial
JM Financial Ltd. is an Indian financial services group headquartered in Mumbai and has branches across India. It also has overseas branches in Ebene, Singapore, New Jersey and Dubai although almost all the group's business are domestic operations in India.
History
JM Financial was founded in 1973 by Mahendra Kampani and Nimesh Kampani as a spin-off from Jamnadas Morarjee Securities' investment banking arm and was originally set up as a consultancy practice. In 1986, it was incorporated as a private limited company to engage in the business of Stock-broking.In 1991, it listed on the Bombay Stock Exchange becoming a publicly listed company group and in 2006 it held a secondary listing on the National Stock Exchange of India. The group expanded into different businesses outside Stock-broking which include Asset management in 1994, Private equity in 2006, Real estate investment in 2007, Distressed Credit in 2008 and Mortgage lending in 2017.
In 1999, JM Financial and Morgan Stanley set up a Joint venture in India named JM Morgan Stanley. In February 2007, Morgan Stanley announced the end of JM Morgan Stanley Joint Venture agreement. It acquired JM Financial's 49% stake in the institutional brokerage business, and sold its 49% stake in the Investment banking business to JM Financial.
Organization
JM Financial has four main business segments: 1. Investment banking, Wealth management and Securities Business ; 2. Mortgage lending; 3. Distressed Credit and 4. Asset Management. The IWS and Mortgage lending segments make up the majority of the group's revenue. Virtually almost all of the group's revenue is from only India.Although JM Financial is a publicly listed company, Kampani and his family still exhibit significance influence over it. According to shareholding disclosures, Kampani and his family hold over 15% of the group's shares. This doesn't include indirect ownership via private entities etc.